Yoon, Seong-Min; Choi, J.S.; Kim, Y.; Kim, Kyungsik - In: Physica A: Statistical Mechanics and its Applications 359 (2006) C, pp. 563-568
We study the herd behavior and the phase transition for the yen–dollar exchange rate in the Japanese financial market. It is obtained that the probability distribution of returns satisfies the power-law behavior P(R)≃R-β with scaling exponents β=3.11, 2.81, and 2.29 at time intervals...